6406 Mead St · Dearborn, MI 48126

$1,200

4 bd · 2.0 ba · 1,817 sqft · MultiFamily public records · 14 Days on market

Built 1929 3,485 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

2nd floor which consists of a 2 bedroom unit for rent. A+ tenant's application only would be considered. Tenant' agent to verify date. Great neighborhood.

Key facts

• 3,485 sq ft lot
• Built 1929
• Listed 13 days

Property features AI

Exterior

• Utilities: Municipal water available; Municipal sewer available
• Home design: Two-story multi-family residential income property; Brick exterior
• Construction: Block foundation
• Exterior features: Paved road access; Cats allowed

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Full unfinished basement

🏷️ Possibly a rental listed for sale. The $1,200 price doesn't fit this home's estimated sale value (~$219,857) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $1k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1k).
• Cap rate 1369.5% vs local median 4.3% in Dearborn — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#84 in MI, #1,904 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-.
• Dearborn City School District (urban): math 26% / reading 39% proficiency, ranked #325 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+13.2%/yr); 102 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $1,736/mo this rent would consume 49% of the median local household income ($42k/yr) (locally 2742% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8 of loan paydown is wiped out by about $36 of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $336 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,200

Questions for the listing agent

1. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 144.68% ✓
• Cap rate: 1369.53%
• Cash-on-cash: 4868.69%
• DSCR: 217.63
• GRM: 0.1

CMA / ARV

• ARV (on-the-fly): $219,857
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6525 Ternes St	0.16mi	4/2.0	2,036 (+12%)	22mo	$1,500	$1	55
5506 Orchard Ave	0.60mi	4/2.0	1,960 (+8%)	15mo	$334,000	$170	46
7266 Forrer St	0.73mi	4/2.0	1,596 (-12%)	2mo	$88,000	$55	44
6831 Steadman St	0.27mi	3/3.0 (-1)	1,638 (-10%)	23mo	$255,000	$156	43
7240 Williamson St	0.67mi	4/2.0	2,064 (+14%)	21mo	$249,900	$121	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 286.21×
• Total profit: $95,832
• Equity at exit: $179

10-year hold

• IRR: —
• Equity multiple: 706.70×
• Total profit: $237,115
• Equity at exit: $104

Cash invested: $336 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48126

• Rents YoY: 13.2%
• Active inventory: 102
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $1,736 medium
• Mortgage (P&I): −$6
• Tax est. 1.5%: −$2 /mo · $18/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $1,363

Break-even live

Break-even rent $10

Max offer price $1,200

Occupancy floor 16%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $300
• Closing costs: $36
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6474 Saint Marys St Detroit, MI	3.0	1.0	1237	$1,350	$1.09	43d	1	0.69mi
7312 Mansfield St Detroit, MI	4.0	1.0	1300	$1,400	$1.08	16d	1	0.84mi
5250 Calhoun St Dearborn, MI	3.0	1.0	1400	$1,300	$0.93	24d	1	1.07mi
8331 Whitcomb St Detroit, MI	4.0	1.0	1342	$1,350	$1.01	21d	1	1.29mi

Listing history 5 events

1. 2026-06-15
   days on market $1,200 Active 14 DOM
2. 2026-06-13
   days on market $1,200 Active 12 DOM
3. 2026-06-09
   days on market $1,200 Active 8 DOM
4. 2026-06-08
   remarks 154-char remark

   Show marketing remark (154 chars)

   2nd floor which consists of a 2 bedroom unit for rent. A+ tenant's application only would be considered. Tenant' agent to verify date. Great neighborhood.

5. 2026-06-08
   listed $1,200 Active 7 DOM

   Show marketing remark (154 chars)

   2nd floor which consists of a 2 bedroom unit for rent. A+ tenant's application only would be considered. Tenant' agent to verify date. Great neighborhood.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,833
• − Mortgage interest: −$67
• − Property taxes: −$18
• − Insurance: −$6
• − Repairs & maintenance: −$1,667
• − Management: −$1,667
• − Depreciation: −$35
• Taxable income: $17,374
• Est. tax owed @ 24.0%: −$4,170
• After-tax cash flow: $12,189/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Dearborn City School District
• NCES district ID: 2611600
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $46,884
• Composite: 27.93/100
• National rank: #6864
• State rank: #325 of 540 in MI

Livability — Dearborn

• Score: 80/100
• State rank: #84
• US rank: #1904

Category grades

Amenities D Commute A+ Cost of living A+ Crime C Employment C Housing A+ Health & safety C User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dearborn, MI
• County: Wayne County · 1,562,939 people
• City population: 86,476
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 51,997
• Household income: $42,140
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2742.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Asian 2% Hispanic / Latino 1%
• Common ancestry: Arab 8% Romanian 2% Armenian 1%
• Foreign-born: 43% · Canada, South Korea
• Languages at home: 26% English-only · Arabic 70% Other Indo-European 2% Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -266.09%
• Current HPI: 241.0732
• Rent YoY: ▲ 13.15%
• Metro: Detroit-Warren-Dearborn, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-98.7% since first listed

30 events — show timeline

• 2026-06-08 Relisted — MiRealSource-MiMLS
• 2026-06-08 Relisted — REALCOMP
• 2026-06-07 Rental Removed $1,200 REALCOMP
• 2026-06-06 Price Changed $1,200 REALCOMP
• 2026-05-22 Price Changed $1,100 REALCOMP
• 2026-02-24 Listed for Rent $1,200 REALCOMP
• 2026-02-24 Rental Removed $1,200 REALSOURCE
• 2026-02-24 Listed for Rent $1,200 REALSOURCE
• 2026-02-23 Listing Removed — MiRealSource-MiMLS
• 2026-02-16 Listed $1,200 REALCOMP
• 2026-02-16 Listed $1,200 MiRealSource-MiMLS
• 2019-05-07 Listing Removed — REALCOMP
• 2019-05-07 Listing Removed — MiRealSource-MiMLS
• 2019-04-01 Listed $169,900 REALCOMP
• 2019-04-01 Listed $169,900 MiRealSource-MiMLS
• 2018-03-12 Listing Removed — REALCOMP
• 2018-03-12 Listing Removed — MiRealSource-MiMLS
• 2018-02-27 Relisted — MiRealSource-MiMLS
• 2018-02-27 Relisted — REALCOMP
• 2017-12-22 Listing Removed — REALCOMP
• 2017-12-22 Listing Removed — MiRealSource-MiMLS
• 2017-10-09 Listed $145,000 MiRealSource-MiMLS
• 2017-10-09 Listed $145,000 REALCOMP
• 2017-06-02 Sold (Public Records) $123,000 Public Records
• 2017-05-28 Listed $123,000 MiRealSource-MiMLS
• 2017-05-27 Listed $123,000 REALCOMP
• 2017-05-26 Sold (MLS) $123,000 MiRealSource-MiMLS
• 2017-05-26 Sold (MLS) $123,000 REALCOMP
• 1999-04-15 Sold (Public Records) $130,000 Public Records
• 1995-12-11 Sold (Public Records) $90,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $4,677 · -0.3% YoY. Source: county tax records.